The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-01-13
The Virginia State Debt.
To lie Peorle Of Vir1inia:

TO the People Of Virginia:
At a meeting OF Virginia BOndhOlders, con
vencd by the Council OF Foreign BOndhOlders,
and held on Friday. the 2ith of September.
1886. at the -CanuOn-street Hotel, London,
the following resolutions were passed unani-
mOusly
That this meeting deplOres the long contest
into which the bOndhOlders have been forced
for the maintenance of their rights, and. while
asserting its steadfast determination not 10 ac-
ccpt the Riddlebergcr settlement, which, in
view Of the admitted ability Of Virginia 70 set
tie with her creditors, and the sacrifices they
nave already made on Der behalf, IL considers
dishonest and unjust, hereby expresses its
willingness TO meet the State and entertain a
reasonable COM promise based upon the pres
cut taxation and the available revenue, after
providing for the constitutional appropriation
for government, schools, and other public eX-
The state had the benefit of the whole OF the
money she originally borrowed ($3i, VO,ONU) IL
laid the foundation OF her roads, railways, and
canals, and has brought millions of dollars
into the country. Had you not constructed
these public works with the bOndhOlders'
money you would have 10 be taxed now FOR
them.
No State which borrowed money ever en-
loved the benefit Of its loans more than Vir-
GINA has done. lSee Senate Document XIV.
Session, lS11-TS.l
The present unsettled condition of the deb
is keeping capital and immigration out OF Writ
9inia, and as long as matters so continue you
will never develop the splendid resources OF
the State in the way they deserve.
The revenue OF Virginia is increasing. The
last assessment shows an increase OF sj0,OOO,
% in taxable values. Your present revenue
might be largely increased II the taxes were
more carefully collected and the present as
scssments on property equallzed throughout
the state.
What might have been difficult 10 do a few
years ago Is easy now, and each year the bur
den will become lighter. When the debt ques-
ton IS settled capital and enterprise, which
now holds aloOf. will flow into the state.
The settlement offered by the bOndhOldcrs
proposes that the bonds now in existence bear
Ing taX-rccelyable coupons should be deposited
I'm some trust company that new bonds should
be issued i'm their place, bearing no taX-receiy
able coupons, and M a low rate OF interest.
When the state pays a a li-year's interest on
the new bonds, the taX-roccifable coupons for
that half-year shall be cut on the old bonds by
the trust company, cancelled. and delivered 10
the State. Any increase on the present reyc-
nue. will be Appropriated by the state, and
the bOndhOldcrs will not have any claim on IL.
There was a cash balance last July in the
! Treasury OF $4,000, and the average purchase
OF Riddlel,erger 30 10y the State has been al
the rate Ct s00O,OW per annum In cash. The
State has some millions OF dollars OF assets
which would help her IN arranging "a settle
mcnt.
The bondholders are M deeply interested as
you are in maintaining the credit and prosper
ity OF your State. They ask for a fair hearing
and Il discussion Of the question by business
men. and not by politicians, whose interest II
Is 20 prevent an understanding being arrived
ut and an honorable compromise made.
The best way OF bringing about this settle
ment IL for taxpayers TO tender coupons In
paynent Of their taxes. In view OF the con
, ~cillatory spirit and liberal oficr made by the
creditors | venture respectfully 10 submit tC
you that IL is your moral duty, AS well rs your
legal right and privilege, 70 tender 7 ioi
taxes now due. JAMES 4. COOfEh.
no2d